A durable power of attorney is a vital document that helps individuals prepare financially in the circumstance that they need someone else to conduct sensitive and personal interactions on their behalf. A power of attorney grants specific abilities to an appointed agent to handle certain matters such as depositing checks in a person’s bank account, or even selling and buying a home.
Like all other legal matters, a power of attorney document isn’t exactly straightforward and there are several different categories that a person can choose from. Estate planning attorneys near me can help individuals better understand what document is right for them based on what suits their needs best.
There are two main powers of attorneys, one for managing financial matters, and the other for managing healthcare. In Utah, if a person is dealing with a power of attorney for healthcare it will be combined with their living will and called an advance healthcare directive. A power of attorney is considered durable which means that it is effective even when a person is no longer in a proper physical or mental state of mind.
To create a power of attorney, to begin with, individuals have to meet certain requirements. They must first have the proper mental capacity to create it. They must also sign the document in the presence of a notary public for their power of attorney to be considered valid. An experienced lawyer can help individuals through the process so they can rest assured that the legalities are thoroughly taken care of.
What Aspects Does a Power of Attorney Cover in Saint George, Utah?
When a person creates this document as a part of their estate plan, there are several different subject areas that the agent may be granted power over. This includes real estate, stocks, banks, taxes, and even retirement plans.
Once the document has been created and everything has been filled out and signed appropriately, individuals should store their documents in a safe place with easy access so when the time comes, it can simply be reached. As long as the agent is considered a competent adult, they will be eligible to work on one’s behalf. Once created, the power of attorney is effective right away unless it is stated to start on a later date.
This document will be terminated if a person revokes it, the agent becomes unavailable, or the court decides to invalidate the document due to a lack of fulfillment of legal protocol.
Creating a good estate plan generally involves creating a valid durable power of attorney, and the best way to do this is by getting in touch with an estate planning lawyer. Connect with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead PA today to get help with one’s paperwork.
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